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Prime Minister Kassim Majaliwa hails the Sino-Tan Industrial Park investment projects as a clear manifestation of the impact of Chinese projects in stimulating economic development and improving the livelihoods of Tanzanians.
Prime Minister Kassim Majaliwa hails the Sino-Tan Industrial Park investment projects as a clear manifestation of the impact of Chinese projects in stimulating economic development and improving the livelihoods of Tanzanians. Sino-Tan Industrial Park which will possess over 200 factories in East and Central Africa, is expected to attract investors in a wide range of sectors and will generate a whooping 1.3tri/- revenue each year upon its completion in 2025.
The PM invited Chinese companies to come and invest in Tanzania, stressing the availability of friendly policies and environment for doing business in the country, and stated that for a decade China and Tanzania have enjoyed deep-rooted traditional friendship, which has witnessed very strong diplomatic relations. He stated this during the Tanzania-China Investment Forum, which convened in Dar es Salaam with the visit of a strong delegation of 120 Chinese investors.
Cumulative figures between the period of 1997 and April 2023 show that China is leading with investments worth over USD 10 billion. A total of 1, 134 projects were registered with the Tanzania Investment Centre (TIC), a great potential in employment creation. Ten years ago, China was among six countries with the largest investment in Tanzania behind the United Kingdom, the United States, South Africa and Kenya. However, the latest figure from TIC shows that China moved into second place in 2012 before taking the first slot two years ago, becoming the largest foreign investor in the country.
Tanzanian Minister of State Prof: Kitila Mkumbo, said the facility will massively spur the country’s economic growth and the investment is implemented in line with Tanzania’s Vision 2025, which focuses on an industrial-driven economy. Once completed, the establishment is going to create more than 100,000 jobs, responding to the unemployment crisis currently facing the country
The minister further stated that 17 regions in the country engage in the production of cotton but 80 per cent of the cash crop is exported outside the country in a raw form. The establishment of industries in the Kwala area will see the country’s cotton be used internally in the development of Tanzania’s industrial sector.
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Chairman of the Tanzania Investment Centre (TIC) Board, Dr Binilith Mahenge said that the industrial park execution is being implemented on a 2,500-acre land in phases. Currently, it is in the first phase whereby 500 acres are undergoing construction. The Chairman of Sinotan Industrial Park, Mr Janson Huang pledged to support President Samia’s aspiration of attracting investors in Tanzania, noting that they will back the effort taking into account that the country has conducive business and is considered as a beckon of peace.
